The billing system, once considered an integral part of the back office, is making the move into the front office. As consumer preference continues to shift toward subscription and usage-based services, businesses are following suit in order to stay competitive and keep customers happy. According to Andrew Dailey of MGI Research, “billing and monetization processes and solutions are becoming critical ingredients enabling corporate innovation.”
Today, more businesses are investing in a billing solution that supports recurring revenue business models and plays well in both the back and front office – one that effectively manages billing and invoicing for subscription and usage-based services while seamlessly incorporating customer success and retention into user experience. According to Forrester Research, the subscription and usage billing market has grown exponentially in the past decade because of four main factors: a desire for stickier customer relationships; a thirst for customer insights; an eagerness to capitalize on the cloud; and an inclination to experiment with connected products.
In today’s hyper-competitive environment, the difference between being first- or last-to-market can be empowering or devastating to your business. If your billing solution vendor does not share your long-term business goal and the billing system does not support the ability to quickly change pricing or offers, they’re likely hindering your ability to quicken your time-to-market and stay relevant to your customers.
However, selecting a billing solution is not a simple, overnight task. It’s worth the time and effort to do research that ensures you pick the solution that fits your business. To get started, take a look at the infographic below – it highlights three keys to selecting the right billing solution.
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